MISSISSIPPI COUNTY, Ark. (KAIT) – The Arkansas Development Finance Authority met with city and county leaders this week to review the need for affordable housing in Mississippi County.
Housing need is high as more people are expected to move into the county over the next 10 years.
As housing options are very slim, Olympus Construction Vice President Guy Pardew said he had officials come out of their offices to tell the ADFA of the needs.
“We’re going to redevelop the area, and we want to do it the right way, and we want to make sure the right people are at the table to ensure this is something that lasts for the next 100 years,” Pardew said. .
One such person at the table was Luxora Mayor Lee Brown, who said the housing situation in the town hasn’t been great lately.
“We currently have homes that have been abandoned,” Brown said. “People have moved”
The mayor wants to add new homes and redevelop existing homes for new and current residents of Luxora, adding that it could boost morale in the town.
“It gives them hope,” Brown said. “It gives him something to look forward to and it gives them the opportunity to make the decision to stay at Luxora.”
ADFA President Mark Conine said the biggest challenge the institution could face is rising timber prices.
“One of the discussions we have is how do we get housing for the field workforce, make sure it’s nice houses, make sure it’s ‘multi-family units, but at the same time the rents are affordable,’ Conine said.
Conine added that those homes would be financed at 60% of median household income for multi-family homes and 80% for single-family households.
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